UK asset finance house Liberty Leasing has enjoyed continued growth in the last seven months after a record year in 2010.
The Southampton-based funder recorded pre-tax profit of £712,783 for the year to 31 December 2010, a 51% increase on 2009.
Steady growth in the company’s loan book over 2010 continued into 2011 with an 11.7% increase for the first seven months to 31 July 2011 to £29.4m.
Liberty Leasing’s loan book has grown 35% in the 19 months since January 2010.
Paul Sheedy, Liberty’s sales and operations director, said the company’s growth was due in part to the gap in the market left by a decline in bank lending, a gap which has allowed Liberty to increase its customer base.
Liberty provides funding for assets including cars, commercial vehicles and manufacturing equipment to customers including SMEs, start-ups, sole traders and wealthy individuals.
Sheedy said another reason for Liberty’s success was its personal approach to each deal.
Liberty, he said, prides itself on a traditional approach to doing business where someone from the company will always visit a prospective customer and assess the asset in question.
Sheedy said although the site visits can be time consuming, it gives Liberty a more reliable snapshot of a business than if the assessment is done from their office.
Sheedy added: “We have good relationships with our clients and good relationships with our introducers.
“People like to deal with people and that has helped to us to retain custom and expand our client base.”